The expected value tells about the average return from the game. Here since the expected value is negative, there will be no profit and the game results in loss.

2. Use the below problem to answer the following questions:

A farmer plants 12 saplings. On average, 15% of saplings planted fail to survive (die) their first winter.

a) What type of probability distribution is ...

Solution Summary

The solution provides step by step method for the calculation of expected value and binomial probabilities. The solution also provides step by step method for the calculation of mean and standard deviation of a binomial distribution. Formula for the calculation and Interpretations of the results are also included.